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Chemical Week Magazine :: Business & Finance :: United States/Americas
Tronox wins bankruptcy-related judgement against Anadarko
5:58 AM MST | December 20, 2013 | â€”Natasha Alperowicz
A US federal judge has ruled in favor of Tronox, finding that Kerr-McGeeâ€™s 2005 spin-off of Tronox was done with â€śintent to hinder and delayâ€ť Tronoxâ€™s creditors. The ruling found Anadarko Petroleum, which acquired Tronoxâ€™s former parent company Kerr-McGee in 2006, liable for damages up to $14.5 billion, subject to a set-off against claims that Anadarko filed as a creditor in Tronoxâ€™s 2009 bankruptcy filing. Kirkland & Ellis, which represented Tronoxâ€™s litigation trust at the trial, says the spin-off stripped away valuable oil and gas assets and...
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